Why Everyone Keeps Misreading The New Macro Regime | Ben Kizemchuk

In this episode, Ben Kizemchuk joins the show to discuss his “Four Fs” macro framework – Fiscal Dominance, Financial Repression, Fiat Currency, & Passive Flows – arguing that we’re in a unique historical moment where all four are converging at once. He explains how fiscal spending reshapes growth, why financial repression and passive flows stabilize markets, and how fiat currency enables this entire regime. Ben also shares how these dynamics blur the line between the stock market and the economy, setting the stage for an AI-driven future. Enjoy! __ Follow Ben: https://x.com/BenKizemchuk Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: 00:00 Intro 00:42 Ben’s Journey Through Markets 03:05 Ben’s 4 Fs Framework 06:10 F1 - Fiscal Dominance 11:00 Catalysts for Fiscal Dominance 14:15 How Sustainable is Government Debt? 17:36 F2 - Financial Repression 23:28 Rates in a Fiat vs Gold-Backed System 27:20 F3 - Fiat Currency 33:00 Are Governments Constrained by Supply & Demand? 34:55 Role of Monetary Policy Going Forward 39:56 F4 - Passive Flows 44:02 Constraints on Passive Flows 48:25 4 Fs Implications 51:53 Rethinking Asset Allocation 54:35 Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance